Volkswagen's earnings fall 33% due to Chinese rival competition

Volkswagen Group has lowered its financial outlook for 2023 after a 32.9% decline in net profits in the second quarter, which amounted to €1.54 billion. This downturn is due to the suspension of production of the electric model "ID.4" and increased challenges, including fierce competition from Chinese companies and declining sales in its largest market, China, where sales fell by 31.6% in the first six months. The company is currently considering eliminating up to 100,000 jobs to cope with the financial crisis and is facing ongoing pressures from rising U.S. tariffs and declining demand for electric vehicles.

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